The Bersani decree (law n40 / 2007) favors the protection of the citizen who has contracted a loan with a bank. The Bersani decree has three main aspects that go in favor of the citizen both during the management of the loan and for the extinction.
the notary is no longer needed to cancel the mortgage, so you save on the fee;
with the only costs due to the notary’s intervention, if a bank offers better conditions; the loan can be transferred from one bank to another;
Penalty for early termination
Even without paying penalties, the mortgage can be redeemed early. The portability of the mortgage gives the consumer the possibility of transferring the loan from one bank to another, if the latter offers more convenient conditions.
The bank that “loses” the mortgage cannot pose obstacles, nor can it foresee the prohibition of portability in the contract. the new bank is fully repaid by its own credit when it takes over the rights and guarantees of the original bank.
The Bersani decree for the home mortgage
For the transfer of the loan to another bank, the substitute tax must not be paid again, it does not lose the tax deduction of the interest payable, allows the maintenance of the original mortgage and no penalty for early repayment.
So the only cost that the consumer who wants to transfer the loan to another bank will have to pay will only be the one linked to the notary’s intervention.
Instead, with regard to early repayment,
The new law establishes that all mortgage contracts for the first home signed after February 2, 2007 and for all other mortgages after April 3, 2007 cannot provide for penalties for early repayment, instead the benefits must be applied automatically and at no cost, so the consumer does not have to make an explicit request.
The “first home” loans, signed before February 2 and for all other mortgages stipulated before April 3, 2007, the penalties must be traced to equity based on the agreement made between the ABI and Consumer Associations on May 2, 2007.